What to Do if You Are Over 50 and Unemployed?

In 2016, the U.S. unemployment rate consistently stayed under 5 percent for the first time since 2007, but few workers over 50 have benefited from the post-recession job growth. Mature job seekers face the dual challenges of age discrimination and overqualification, factors that contribute to high rates of long-term unemployment. If you're among this growing number of displaced workers, consider channeling your job search efforts and wealth of experience into building a successful freelance career.

If you enjoyed the constancy of working with the same employer for years or decades, the Great Recession likely left you feeling helplessly destabilized. Starting over as a job seeker meant competing with younger workers for lower pay, convincing employers you aren't an expensive, overqualified hire and covering the cost of learning new skills. Long-term unemployment eventually becomes exhausting when your finances are strained and you don't have any realistic job leads. Under these conditions, it's understandable to assume that involuntary retirement or low-wage part-time work are the only solutions to long-term unemployment.

Overcoming Long-Term Unemployment

A smart option is to stop defining yourself by one job and realize your character and choices are what make you unique and valuable. Think about it. For years, a company paid you good money to perform a job that millions of other people can't do. You also have a lifetime of non-work experiences, ranging from coaching your child's sports team to managing your investment portfolio to organizing community events. Not to mention, you probably thought of countless business solutions or product ideas over the years that past employers never used. Letting go of the myth of job security makes you stronger once you accept that a career is just an endless series of gigs, and you can land another one by selling your skills to the right buyer.

Networking Your Way to a Freelance Career

Networking skills and a reputation for quality work are your greatest tools for combating long-term unemployment. Former colleagues, employer, clients and friends can refer you for a wider range of gigs when you're an independent business professional who isn't looking for a full-time role. By building an internet presence, you can also attract leads, pursue remote work and connect with professionals far beyond your geographical range.

To succeed as a freelancer, consider the in-demand knowledge and resources you possess and how you can market them to serve an existing or emerging niche of customers. Being over 50 with a lengthy resume is a benefit when conveying expertise, and you can use specialized skills to perform the primary role or to coach others on effective business practices. Long-term unemployment can even be the impetus for a much-needed career change, as you are empowered to rebrand yourself in whatever way you choose. The key is to build a compelling, authentic brand and back it up with pillars of credibility, such as professional memberships, client testimonials, online profiles and useful products or services.

Freelancing requires managing your own business expenses, taxes, health coverage and marketing. The trade-off is true job security, as success depends on the effort you devote to networking for leads and delivering quality service. Instead of being defeated by long-term unemployment and age discrimination, consider building an independent career that you can tailor to your future needs.

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